Elkem — M&A Activity 2026

Apr 20, 2026

Elkem sells Canadian biocarbon business to CHAR Tech, enters five-year supply agreement

Elkem sells Canadian biocarbon business to CHAR Tech, enters five-year supply agreement

Oslo, 20 April 2026

Elkem ASA ("Elkem") today announced the agreement to sell its biocarbon business

in Saguenay, Québec in Canada, including the physical pilot and demonstration

production facility, and proprietary technology, to CHAR Technologies Ltd.

("CHAR Tech"). As part of the agreement, CHAR Tech will supply Elkem with 62,500

tonnes of biocarbon over five years.

The Saguenay, Québec, facility was initially built in 2022 as a pilot and

demonstration facility, where Elkem developed its proprietary biocarbon pellet

process to meet the specific needs of ferrosilicon production in electric arc

furnaces.  Most recently, the facility produced volume for an industrial test of

biocarbon, which was successfully used in Elkem Métals electric arc furnace,

located nearby.  The site is now poised for commercial upgrades to produce up to

15,000 tonnes per year of pelletised biocarbon.  Once upgraded, the facility

will then process CHAR Tech's raw biochar into biocarbon pellets suitable for

heavy industrial decarbonisation, with a specific focus on supporting

ferrosilicon production.

Biocarbon use remains a pilar in Elkem's decarbonisation strategy. Through the

five-year supply agreement, Elkem secures a reliable source of biocarbon for its

Canadian and European smelters from CHAR Tech's expanding production platform,

which is equipped with the technology, capacity, and commercial infrastructure

to deliver at scale.

"Elkem's strategy centres on leveraging technology-driven solutions and

pioneering R&D to advance industrial decarbonisation. Transferring our biocarbon

operations in Saguenay to CHAR Tech is an important milestone, allowing us to

scale our validated biocarbon process and ensure consistent supply for our

global operations. This partnership strengthens Elkem's commitment to producing

silicon-based products with the lowest possible carbon footprint, directly

supporting our ESG goals and delivering lasting value for our customers and

shareholders," said Charles Tremblay, Elkem's Chicoutimi plant manager in

Canada.

For further information, please contact:

Odd-Geir Lyngstad, VP Finance & Investor Relations

Tel: +47 976 72 806

Email: odd-geir.lyngstad@elkem.com

Marianne Stigset, VP Corporate Communications & Public Affairs

Tel: +47 411 88 482

Email: marianne.stigset@elkem.com

About Elkem ASA

With a strong track record since 1904, Elkem is one of the world's leading

providers of advanced silicon-based materials shaping a better and more

sustainable future. The company develops silicones, silicon products and carbon

solutions by combining natural raw materials, renewable energy and human

ingenuity. Elkem has been awarded top score of A on Forests and Water Security,

and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange

(ticker: ELK), where the company is also included in the ESG

Index. www.elkem.com